Zanzibar, a semi-autonomous territory in Tanzania, is reportedly investing resources towards measures for coming up with the regulations and adoption for crypto, such as Bitcoin (BTC). 

Specifically, the authority of Zanzibar reportedly has plans down their pipeline to carry out meetings with stakeholders such as banks and ministries, in a bid to talk about policies associated with the crypto sphere. 

Minister of State Mudrick Soraga reportedly issued official announcements of their plans to Tanzanian news agency The Citizen last week on November 10th. 

The initiative is reportedly included within the scope of a potential plan for crypto adoption, with Soraga previously sat down with crypto advocates in the region who assured him that Zanzibar should have appropriate recognition for the adoption of crypto, functioning as an official measure for the transaction, during the time the overall crypto market surpassing the $3 trillion benchmark. 

Per the Citizen, Zanzibar still has a lot of things to finalize prior to the jurisdiction having the ability to improve the crypto adoption rate. Consequently, the local authority will need to establish policies offering explanations for the objectives and benefits of the digital currency via the Bank of Tanzania, per professor Haji Semboja at the State University of Zanzibar.

Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, reportedly claimed that there is still significant knowledge to obtain, regarding the innovation tech, for Zanzibar. 

“We need to start drawing lessons from other countries on how this technology works. For cryptocurrency to be effective, we will need policies for cryptocurrency”. 

This most recent development from Zanzibar reportedly surfaced months after Tanzanian President Samia Suluhu Hassan called for the nation’s central bank in June, to start deep-diving into cryptocurrencies like Bitcoin.